Argentina set a record for soybean processing in September
In September this year, soybean processing in Argentina reached a record 4.1 million tons, which is 116% higher than in September 2023, according to data from the country’s Ministry of Agriculture, Livestock and Fisheries. This result was above the forecasts of market experts,.
According to information previously published by the Rosario Grain Exchange, soybean processing is expected to increase by 44% in 2024.
Last year, Argentine processors faced the need to reduce production due to the severe damage caused by a long drought to the soybean crop.
However, the drop in soybean oil production could have been much larger if processors had not decided to increase soybean imports from neighboring countries. Argentina imported over 10 million tons of soybeans in 2023, compared to only 3.3 million tons in 2022.
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